Price of oil in international market is not doing quite well which is why another hike in its price was observed in India. The hike in price was about 4.5 per cent which is the second increase in oil price for the month. The price was hiked by Rs 2,797.41 per kilolitre or that is around 4.5 per cent to Rs 65,005.59.

This information was according to Indian Oil Corporation. The same price hike happened in the same month where it was increased by 1.7 per cent or that is Rs 1,039.1 per kl.

This price hike is really not going to be good for consumers and even on businesses that rely on this oil. Businesses would surely be affected since oil is very much important in their production. For the record, in Mumbai, the previous price was at Rs 63, 002.45 per kl compared to Rs 65,884.34 per kl today.